1987 (1) TMI 177

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.... of his net wealth on 29th June, 1979, as against due date of 30th June, 1978, the return being admittedly a belated one, penalty proceeding were taken against the assessee under s. 181(1) (a) of the Wealth-tax Act, 1957 and penalty imposed at Rs. 760 with the reasoning that the assessee has without reasonable cause failed to furnish the return in time. The stand of the party before the WTO has be....

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....g of the original return, i.e. on30th March, 1982the assessee filed at letter with WTO claiming further liabilities and the net wealth stood to Rs. 70,531, but ultimately the assessment stood at Rs.4,71,150. He further reasoned that if there was bona fide belief with assessee about his net wealth being below the taxable limit, there was no justification for his filling the return on20th June, 1979....